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Tax Newsletter | Weekly Tax Newsletter | Tax Foundation

(1 day ago) About Us. The Tax Foundation is the nation’s leading independent tax policy nonprofit. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels.

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Tracking the 2021 Biden Tax Plan | Tax Foundation

(1 day ago) Jun 16, 2021  · Tracking the 2021 Biden Tax Plan and Federal Tax Proposals. Taxes are once again at the forefront of the public policy debate as legislators grapple with how to fund new infrastructure spending, among other priorities. The Biden administration has proposed about $4 trillion of new federal spending over 10 years, partially funded with higher ...

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Categories: News | 416 People viewed

Global Minimum Tax: What's in the New Global Tax …

(2 days ago) Jul 01, 2021  · In recent years, countries have been debating significant changes to international tax rules that apply to multinational companies. Following a July announcement by countries involved in negotiations at the Organisation for Economic Co-Operation and Development (OECD), today there was a further agreement on an outline for the new tax rules. If fully …

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Lunch Links: Republican Plan Upcoming for Sales Tax on ...

(2 days ago) Aug 25, 2016  · Today is August 25, the 100th birthday of the National Park Service.The Service manages 59 national parks and 354 other sites, areas, and monuments. The NPS spends about $3 billion per year, raising about $500 million of it from fees, donations, and other private sources (including an $80 annual pass to all national parks). The NPS also has an $11.9 billion …

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Categories: News | 460 People viewed

After Illinois Tax Increase, State Farm Reportedly Moving ...

(1 day ago) Feb 15, 2013  · Dallas Morning News reporter Steve Brown has been following recent Texas office space leases by Bloomington, Illinois-based insurance company State Farm. The leases total over 2.5 million square feet, enough for thousands of employees. So far, Brown reports, the insurance company has just 140 positions listed for the state, strongly suggesting that a big move …

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Categories: News | 194 People viewed

State Public Pension Plans Underfunded Amid …

(2 days ago) Apr 15, 2020  · The most recent data from The Pew Charitable Trusts, released in July of 2019, shows the strain on state retirement systems nationwide as state pension funds strive to keep pace with benefits owed to public employees. While we highlighted this information soon after it was first released, it is worth revisiting in light of the coronavirus-related funding issues that …

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New Op-Ed in U.S. News & World Report on Soda Taxes | Tax ...

(1 day ago) Oct 19, 2016  · My colleague Morgan Scarboro and I have an op-ed in U.S. News & World Report today about how these proposals are unlikely to deliver on the promises proponents of these taxes make. From the op-ed: As the Tax Foundation notes in a 2012 report, a 10 percent soda tax could burden high income families by $24.29, while poor families would be harmed ...

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Biden Tax Plan: Details & Analysis | Tax Foundation

(1 day ago) Oct 22, 2020  · Biden’s tax plan is estimated to raise about $3.33 trillion over the next decade on a conventional basis, and $2.78 trillion after accounting for the reduction in the size of the U.S. economy. While taxpayers in the bottom four quintiles would see an increase in after-tax incomes in 2021 primarily due to the temporary CTC expansion, by 2030 the plan would lead to lower …

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Categories: News | 276 People viewed

California the Latest to Propose Higher Vapor Taxes | Tax ...

(1 day ago) May 11, 2020  · California currently taxes vapor products at 59.27 percent of wholesale value, but the proposal would impose an additional tax at a rate of $2 for each 40 milligrams of nicotine in the product. The tax would take effect January 1, 2021 and is forecasted to raise $32 million in FY 2021. Collections would be allocated to administration ...

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Biden Estate Tax: a 61% Tax on Wealth? Tax Foundation

(1 day ago) Apr 29, 2021  · Added to the NIIT, it would mean a combined top tax rate on capital gains of 43.4 percent, compared to 23.8 percent today. In addition to taxing unrealized capital gains at death at ordinary income tax rates, large estates would also be subject to the current estate tax of 40 percent above an exemption of $11.7 million per person.

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Categories: News | 459 People viewed

Five Years Later: ACA’s Branded Prescription Drug Fee May ...

(1 day ago) Jun 17, 2015  · Over the past few days, several news sources have called attention to the rising cost of prescription drugs in the United States. Yesterday, USA Today reported that the nominal cost of prescription drugs rose 13% in 2014, the largest percentage increase for over a decade. This morning, CNBC noted that 73% of Americans believe that …

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Categories: News | 131 People viewed

Biden Capital Gains Tax Plan | Capital Gain Rates Under ...

(2 days ago) Apr 23, 2021  · President Joe Biden’s American Families Plan will likely include a large increase in the top federal tax rate on long-term capital gains and qualified dividends, from 23.8 percent today to 39.6 percent for higher earners. When including the net investment income tax, the top federal rate on capital gains would be 43.4 percent.Rates would be even higher in many U.S. …

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Categories: News | 427 People viewed

Trump Trade War: The Economic Impact of U.S. Tariffs

(1 day ago) May 31, 2019  · If all tariffs announced thus far were fully imposed, U.S. GDP would fall by 0.51 percent ($127.21 billion) in the long run, effectively offsetting almost one-third of the long-run impact of the Tax Cuts and Jobs Act. Wages would fall …

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Categories: News | 176 People viewed

Monday Map: Sales Tax Exemptions for Groceries | Tax ...

(1 day ago) Feb 06, 2012  · Today’s Monday Map shows how each state’s sales tax treats groceries. In many states, groceries are exempt, in others, they are taxed at a reduced rate, and a small number include them fully in the tax base. (Five states, Alaska, Delaware, Montana, New Hampshire, and Oregon, have no sales tax.) View previous Monday Maps here.

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Categories: News | 108 People viewed

What is the Real Value of $100 in Your State? | Tax Foundation

(1 day ago) Aug 05, 2020  · On the other hand, $100 is effectively worth the least in Hawaii ($84.67), New York ($85.91), the District of Columbia ($86.13), California ($86.66), and New Jersey ($86.81). See the table below for a ranking of all 50 states. There are large regional differences in prices across the United States. For example, real purchasing power is more ...

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Categories: News | 243 People viewed

Tax Proposals by the Biden Administration | Tax Foundation

(1 day ago) May 04, 2021  · The good news is that lawmakers avoided raising taxes to cover the cost of the new spending and instead used some reasonable fees and asset sales. The bad news is that half of the offsets come from unused, debt-financed COVID-19 relief funds and the economic return on many of these investments is questionable.

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Categories: News | 89 People viewed

What's Exempt from Alabama's Property Tax | Tax Foundation

(1 day ago) Aug 26, 2008  · One of today’s news items is a proposal in Alabama to increase health insurance premiums on overweight Alabama state employees. Dubbed a “fat tax,” it’s not, since the money presumably won’t be going to the state budget. It remains to be seen whether the increase (a nice round $25 per month) is designed to cover the costs imposed by the overweight on the health …

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Categories: News | 360 People viewed

Independence Day: Taxes Then and Now | Tax Foundation

(2 days ago) Jul 01, 2016  · Independence Day: Taxes Then and Now. July 1, 2016. John Olson. John Olson. The history of taxation in the United States is a tumultuous one. Since our country’s founding, we have witnessed marginal tax rates on income ranging from zero to 94 percent, and federal revenues taking up less than 5 percent of our economy to more than 20 percent.

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Categories: News | 462 People viewed

USA Today on Tourism Taxes | Tax Foundation

(2 days ago) Jul 09, 2009  · USA Today has a great piece by Dennis Cauchon reviewing some of the increases in state tourism taxes this year:. Taxes on travel are soaring as states and cities target the wallets of tourists and business travelers for new revenue. Hotel taxes, car rental fees and other charges were jacked up in many states in an effort to balance budgets by last week, when the fiscal …

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Categories: News | 438 People viewed

America Has Become a Nation of Dual-Income Working Couples ...

(1 day ago) Nov 21, 2013  · America Has Become a Nation of Dual-Income Working Couples. While it is clear from the chart that the husband-as-sole-breadwinner stereotypical family of the 1960s was probably not the norm then, it is most certainly less so now. Mothers worked during the 1960s but fewer than half of all married couples during that era were dual-earners.

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Categories: News | 346 People viewed

Scott A. Hodge, President | Tax Foundation, America's Tax ...

(2 days ago) Scott A. Hodge has been president of the Tax Foundation in Washington, D.C., since 2000, and is recognized as one of Washington’s leading experts on tax policy, the federal budget, and government spending. Since taking over the Tax Foundation, he has grown the organization from a modest, six-person group with a storied brand into a national powerhouse with a staff of over …

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Categories: News | 355 People viewed

Biden Budget Proposals: Details & Analysis | Tax Foundation

(1 day ago) Jun 16, 2021  · The Biden administration’s proposed American Jobs Plan (AJP), American Families Plan (AFP), and fiscal year 2022 budget would increase federal spending by about $4 trillion over 10 years, including $1.7 trillion for infrastructure, partially funded with higher taxes on individuals and businesses as well as increased tax enforcement.

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Categories: News | 238 People viewed

India Pushes Digital Taxes Amid the Coronavirus Crisis ...

(1 day ago) Mar 26, 2020  · India Pushes Digital Taxes in a Difficult Time. Even during the coronavirus outbreak, efforts to change the way digital business models are taxed continue. The OECD announced on March 17 that efforts connected to their team’s work on digital taxation are continuing at “full steam” even as they shift to telework.

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Categories: News | 328 People viewed

The 50th Anniversary of the War on Poverty | Tax Foundation

(1 day ago) Jan 08, 2014  · The 50th Anniversary of the War on Poverty. 50 years ago today, President Lyndon Johnson declared a “war on poverty.”. In order to fight poverty, Lyndon Johnson pushed legislation that introduced or led to healthcare programs such as Medicare and Medicaid; education programs such as Head Start; and an expansion to Social Security.

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Categories: Social | 385 People viewed

US Multinational Tax Reform Options: Taxation of US ...

(1 day ago) Aug 12, 2021  · The low-tax firm paid a 5 percent tax rate on $100 of GILTI, of which 80 percent is eligible for the FTC. Because its tax rate is low, the FTC limitation does not bind, so its FTC is also $4. The combination of domestic income, the $50 GILTI taxable income, and the $4 FTC produce a net U.S. tax liability of $27.50.

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The Growing Uncertainty in the International Tax System ...

(2 days ago) Aug 30, 2016  · Earlier today, the European Commission announced that it would require Ireland to collect roughly $14.5 billion in taxes from Apple, after determining that Ireland had granted Apple “illegal tax benefits” under the rules of the European Union. The decision has already ignited a fierce debate: Ireland, Apple, the U.S. Treasury, and many congressmen oppose the …

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Categories: News | 210 People viewed

New Report Shows TCJA Reduced Tax Rates Across the Board

(1 day ago) Aug 05, 2021  · The TCJA reduced the average federal tax rate from 20.8 percent to 19.3 percent for all filers. The bottom 20 percent of earners saw their average federal tax rate fall from 1.2 percent to nearly 0 percent. The top 1 percent of filers saw a 1.5 percentage point decline, from 31.7 percent in 2017 to 30.2 percent in 2018.

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Categories: News | 238 People viewed

Lunch Links: OECD Raises U.S. Growth Projections Based on ...

(1 day ago) Nov 29, 2016  · Today is November 29, the date in 1977 when the U.S. Supreme Court decided Commissioner v. Kowalski, which held that taxable income includes cash payments replacing a previous employer-provided direct benefit. Robert Kowalski was a New Jersey state trooper who did not report as income on his tax return $1,371.09 in meal allowances he had …

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Categories: News | 295 People viewed

Monday Map: State Corporate Income Tax Rates | Tax Foundation

(2 days ago) May 23, 2011  · Today’s Monday Map shows the top marginal state corporate income tax rate in each state. States with a top marginal rate higher than or equal to 9% are colored blue; states with a flat (single bracket) corporate income tax are colored pink. States with a gross receipts tax instead of (or in addition to) a …

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Categories: News | 486 People viewed

Most Californians Prefer Spending Cuts to Tax Increases ...

(1 day ago) Mar 03, 2010  · Most Californians want to cut spending: Half of California voters prefer closing the state’s projected $20 billion deficit by cutting spending rather than raising taxes, according to a Field Poll released Tuesday. Nearly 30 percent favor an equal mix of cuts and tax increases, while just 13 percent favor closing the gap solely or mostly …

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I FACT By Scott Drenkard & Jared Walczak Economist ...

(1 day ago) 3 of 2014.4 Had the proposal passed, Rhode Island would have become the first state ever to repeal its statewide sales tax. On October 1, 2013, the District of Columbia lowered its sales tax from 6 percent to 5.75 percent.5 In May of 2014, the D.C. Tax Revision Commission suggested raising this rate back up to 6 percent as a part of its comprehensive set of recommendations to …

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Categories: News | 462 People viewed

Rachel Shuster, Editor | Tax Foundation, America's Tax ...

(2 days ago) Apr 02, 2020  · Rachel is the Tax Foundation’s Editor. A native Washingtonian who grew up with politics as a daily subject at the dinner table, Rachel has spent her career in journalism. She worked at The Washington Star and The (Albany, N.Y.) Times Union/Knickerbocker News and was one of the founding members of USA TODAY.

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Categories: News | 290 People viewed

Important Tax Cases: Scripto v. Carson and the Agency ...

(2 days ago) Aug 26, 2005  · Long before the Supreme Court decided that retailers had to have physical presence in a state before it could be required to collect sales or use tax, the Supreme Court ruled that it didn’t take much to establish physical presence. In Scripto v. Carson, decided thirty years before Quill v. North Dakota, the Supreme Court had to decide whether a Georgia retailer with …

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Categories: News | 134 People viewed

New Treasury Data Shows How Progressive America's Tax Code ...

(1 day ago) Dec 29, 2015  · Recent data produced by Treasury’s Office of Tax Analysis shows that not only is the income tax very progressive, but so too is the overall tax system when we include payroll taxes, corporate income taxes, and various excise taxes. Treasury’s data for 2015 [found here] allows us to look at two simple ways of measuring the progressivity of ...

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Categories: News | 185 People viewed

"Amazon Tax" Laws Signal Business Unfriendliness And Will ...

(1 day ago) Mar 08, 2010  · “Today’s more integrated national economy presents far greater opportunities than existed in 1787 for states in effect to reach across their borders and tax nonconsenting nonbeneficiaries.” Daniel Shaviro, An Economic and Political Look at Federalism in Taxation , 90 Mich. L. Rev. 895, 902 (1992).

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Categories: News | 361 People viewed

Tax Changes in Gov. Newsom's Budget Could Impede Economic ...

(1 day ago) May 20, 2020  · Tax Changes in California Governor’s Budget Could Stand in the Way of Economic Recovery. May 20, 2020. Jared Walczak. Jared Walczak. In California, where state officials are projecting a stunning $54 billion deficit, Gov. Gavin Newsom (D)’s budget proposes a range of new revenue options, including an important change to how business income ...

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Categories: News | 60 People viewed

How Does Your State Rank on Unemployment Insurance Taxes?

(1 day ago) Oct 31, 2018  · Today’s map is the final in our series examining each of the five major components of the 2019 State Business Tax Climate Index.Compared to individual, corporate, sales, and property taxes, unemployment insurance (UI) taxes are less widely understood but have important implications for the business climate in a state.

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Categories: Business | 258 People viewed

Disentangling CAP Arguments against Tax Cuts for Capital ...

(2 days ago) Nov 13, 2015  · Part 1: Puzzlement over Interest Rates A recent piece by the Center for American Progress (CAP), “Long-Termism or Lemons: The Role of Public Policy in Promoting Long-Term Investments,” by Marc Jarsulic, Brendan Duke, Michael Madowitz, laments the lack of growth in median household income over the last few decades. The authors correctly put part of …

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Categories: Puzzle | 170 People viewed

EU Budget Proposal: The Next Generation | Tax Foundation

(1 day ago) May 27, 2020  · Today, the European Commission announced new budget plans including loans, grants, and some revenue offsets. The proposals follow other support mechanisms for workers and businesses that were designed in response to the Covid-19 pandemic and economic shutdown.. The Commission is adjusting its work program for 2020 to “prioritize the actions …

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Categories: News | 366 People viewed

Lunch Links: Mnuchin as Treasury Secretary Favors Tax ...

(2 days ago) Nov 30, 2016  · Today is November 30, Mark Twain’s birthday. He once said, “The only difference between a tax man and a taxidermist is the taxidermist leaves the skin.” Here are some interesting links I came across: Trump Picks Mnuchin for Treasury Secretary: The banker and film producer was Trump’s campaign finance chairman. He told CNBC tax reform …

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OECD BEPS: Pillars, Blueprints, Impact Assessment ...

(1 day ago) Oct 13, 2020  · The OECD released blueprints for proposals on changing international tax rules alongside an impact assessment based on the overall design of the proposals. While the blueprints cover proposals both for changing where large multinationals owe corporate tax and designing a global minimum tax, there are still many unanswered questions. In the meantime, …

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Categories: News | 322 People viewed